- An analyst claimed that a $2 target is reasonable for Dogecoin for the next bull run.
- Dogecoin’s rise is not dependent on Elon Musk, according to the host of VisionPulsed.
- The host claimed that Dogecoin’s popularity would be significant in the meme coin’s rise to the top.
The host of VisionPulsed, a YouTube crypto analysis channel, stated that a $2 target is reasonable for Dogecoin for the next bull run. The host explained the reason behind a potential rally for Dogecoin, noting that the meme coin’s rise is not dependent on Elon Musk.
The VisionPulsed host explained in a recent video that the expected rally would impact Dogecoin’s market capitalization, which could climb to between $250 billion and $300 billion. The host arrived at the potential market cap by multiplying Dogecoin’s circulating supply with the projected price in 2024.
According to the host, Dogecoin’s popularity would be significant in the meme coin’s rise to the top. He compared the projected Dogecoin market cap with that of XRP, which is estimated to reach $500 billion, with the XRP token projected to reach $10. According to the host, considering Dogecoin’s past performance and the project’s popularity, the meme coin would achieve a $250 billion market cap, approximately half of the projected market cap of XRP.
By reviewing historical data, the VisionPulsed host revealed why he thought achieving a performance three times higher for Dogecoin should not pose a significant challenge. He noted that in the previous rally, the popular meme coin experienced a forty-fold increase after a 700% climb in the rally before that.
The host predicted that Dogecoin would rally to $2 before embarking on another 90% retracement. He also noted that the duration of the succeeding drawdown would be longer than the previous one.
Dogecoin traded for $0.0784 at the time of writing, having rallied 37% in the last thirty days, according to data from CoinMarketCap. Per the time for Dogecoin’s bull run, the VisionPulsed host predicted it would kick off sometime between March and June 2024.
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